SpaceX plans $75B IPO, aims for $1.8T valuation on NASDAQ debut

Elon Musk's rocket company is gunning for the largest IPO in history, but at least one major analyst thinks the price tag is roughly double what it should be.

Add us on Google by Editorial Team Jun. 4, 2026

SpaceX is preparing to raise $75 billion by selling 555.6 million Class A shares at $135 each, a move that would value the company between $1.77 trillion and $1.8 trillion after the offering. The NASDAQ listing, set to trade under ticker SPCX, is expected around June 12, with the IPO roadshow already underway since June 4.

Here’s the thing: not everyone agrees the company is worth that much. Morningstar pegs SpaceX’s value at roughly $780 billion, which is 57% below the IPO’s target valuation.

The S-1 reveals a tangled web of Musk companies

SpaceX’s prospectus, filed with the SEC as an S-1, paints a picture of a company deeply intertwined with the rest of Elon Musk’s corporate empire. Tesla, Starlink, X (formerly Twitter), and other Musk ventures are all referenced as having significant operational and financial relationships with SpaceX.

The filing discloses $650 million in inter-company dealings among Musk’s various ventures over the past year.

Musk himself will retain approximately 42% of SpaceX’s equity post-IPO. More notably, he’ll wield 79% of voting power. That dual-class share structure means public investors are essentially buying economic exposure to SpaceX while having almost no say in how it’s run.

The broader thesis, according to the filing, is that Musk’s companies work in concert to develop space infrastructure, internet connectivity, energy systems, artificial intelligence, and urban infrastructure.

Big ambitions, bigger losses

The prospectus is notably candid about one thing: SpaceX is not profitable, and it isn’t promising to be anytime soon. The company acknowledges ongoing financial losses driven by massive capital expenditures in rocket development and AI infrastructure.

SpaceX outlines a total addressable market tied to space infrastructure and AI data centers, with plans for orbital deployments by 2028.

What this means for investors

If SpaceX pulls this off at the stated valuation, it would be the largest IPO in history by a significant margin. Saudi Aramco’s 2019 offering raised around $25.6 billion, and that was considered a once-in-a-generation event. SpaceX is aiming for roughly three times that.

The Morningstar valuation gap is the elephant in the room. When a respected independent analyst values a company at $780 billion and the company prices itself at $1.8 trillion, someone is very wrong.

Musk’s 79% voting control introduces governance risk that institutional investors increasingly frown upon. With Musk simultaneously running Tesla, SpaceX, X, xAI, The Boring Company, and Neuralink, the question of bandwidth and potential conflicts of interest is unavoidable. The $650 million in disclosed inter-company transactions will likely become a recurring topic in analyst reports and shareholder meetings.

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